Before Polska Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share).

Instructions

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

(a) Bought 380 shares of treasury stock at $39 per share.
(b) Bought 300 shares of treasury stock at $43 per share.
(c) Sold 350 shares of treasury stock at $42 per share.
(d) Sold 120 shares of treasury stock at $38 pershare.

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Paid-in Capital in Excess of Par $99,000 Common Stock Retained Earnings $80,000 $270,000